Weekly Bullion Review: 27.10.2013

Weekly Bullion Review: Gold Ended At $ 1352 Per Ounce, Gains 2.9% In The Week

26-Oct-2013

Gold for December delivery, the most actively traded contract, gained $2.20 or 0.2% to close at $1352.50 an ounce Friday on the Comex division of the New York Mercantile Exchange. Gold for December delivery scaled an intraday high of $ 1356.40 and a low of $ 1335.30 an ounce. Weakness in Dollar charged Gold on a recovery path. For the week, prices settled at 2.9% gains. Consumer sentiment in the U.S. dropped more than previously estimated in October, while wholesale inventories increased slightly more than expected in August. With orders for transportation equipment showing a significant increase, a Commerce Department release on Friday showed orders for U.S. manufactured durable goods rose much more than expected in September. Yesterday, gold ended sharply higher as the dollar trended lower after some soft initial jobless benefit claims data out of the U.S. and some upbeat manufacturing data out of China. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 876.52 tons from 878.32 tons.

Weekly Energy Review: 27.10.2013

Weekly Energy Review: Crude Oil Declines To $ 97.85 Per Barrel

27-Oct-2013

Light Sweet Crude Oil futures for December delivery, gained $0.74 or 0.8% to close at $97.85 a barrel on the New York Mercantile Exchange Friday. US Crude oil managed to gain in the last session of the week, though in the week it shed 2.9% on account of soft economic data and supply fears. The prices have earlier dipped to a four month low. The U.S. Commerce Department said wholesale inventories increased slightly more than expected in August. Wholesale inventories rose by 0.5 percent in August following an upwardly revised 0.2 percent increase in July. Economists expected wholesale inventories to increase by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month. Friday session brought some gains mostly on bargain hunting as reports filtered in Saudi Arabia of cutting down oil shipments due to increased global supplies and on demand growth hopes after China's upbeat manufacturing data.

Weekly Base Metals Review 27.10.2013

Weekly Base Metals Review: Copper Declines On China Monetray Tightening Woes

27-Oct-2013

Copper prices declined on the back of crisis spilling out this time from China. Even though the PMI data released by China showed a positive picture for the manufacturing sector, markets remained worried on the monetary tightening measures from the country. Chinese banks are refraining from injecting fresh liquidity in the markets that has raised fears of tighter monetary policies in coming days. The refined Copper imports data of China was released in the week by the General Administration of Customs. As per the report, China refined Copper imports has declined by 15.3% to 2.3 million tonnes in January-September 2013. International Copper Study Group (ICSG) stated that the world copper markets were in deficit of 151000 tonnes in July 2013. Copper markets were in deficit of 93000 tonnes in January-July 2013 compared to production deficit of 552000 tonnes in the first seven months of last year. World mine production of copper in January-July 2013 was 12.35 million tonnes, up 8.6% compared to 11.78 million tonnes in January-July 2012. Refined consumption figures of January-July 2013 have been flat. The total consumption of refined Copper was 12.24 million tonnes, compared to 12.05 million tonnes in January-July 2012, marking a rise of 1.6%.